CIT announced that it arranged and syndicated a $125 million senior secured credit facility to UK-based A J Walter Aviation (AJW), a global aircraft spares specialist. Proceeds of the facility will be used to support spare parts acquisitions to service AJW’s rapidly growing customer portfolio.
CIT Aerospace & Defense Finance acted as administrative agent for the transaction. The deal was structured and facilitated by CIT Capital Securities, as lead arranger, and the financing was provided by CIT Bank, a wholly owned subsidiary of CIT. Additional terms of the transaction were not disclosed.
“We are pleased to have arranged this financing in support of A J Walter Aviation’s growth initiatives,” said Oliver Althoff, director of CIT Aerospace & Defense Finance. “AJW is a leader in the aviation supply chain and this transaction further demonstrates our commitment to deliver leading financial solutions to the aerospace marketplace.”
Ian Malin, AJW’s treasurer and chief investment officer said, “We are delighted to partner with CIT on this transaction and look forward to building our relationship. This transaction was carefully structured to accommodate our current business model and provides a financing solution that allows AJW to maintain its growth objectives.”